Equity benchmarks hit fresh intraday high; auto stocks rise for 2nd day.

The frontline equity indices extended their upswing and hit fresh intraday highs in mid-afternoon trade. The Nifty traded at the 17,350 level. Auto stocks witnessed buying demand for second consecutive session.

The barometer index, the S&P BSE Sensex, rose 986.27 points or 1.70% to 58,946.36. The Nifty 50 index gained 269.40 points or 1.58% to 17,350.10.

In the broader market, the S&P BSE Mid-Cap index added 1.14% while the S&P BSE Small-Cap index advanced 1.58%.

Buyers outnumbered sellers. On the BSE, 2,530 shares rose and 916 shares fell. A total of 112 shares were unchanged.

Investor sentiment was upbeat as concerns of further banking turmoil receded. However, markets remained cautious following a higher-than-expected German CPI, adding pressure on the European Central Bank to further tighten monetary policy.

Numbers to track:

The yield on India's 10-year benchmark federal paper rose to 7.330 from 7.296 previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.22, compared with its close of 82.34 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement advanced 0.06% to Rs 59,350.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.31% to 102.47.

The United States 10-year bond yield jumped 0.85% to 3.581.

In the commodities market, Brent crude for May 2023 settlement fell 20 cents or 0.25% to $79.07 a barrel.

Gainers & Losers:

Reliance Industries (up 4.18%), ICICI Bank (up 3.33%), Nestle India (up 2.88%), Infosys (up 2.38%) and Tata Motors (up 2.21%) were the top Nifty gainers.

Sun Pharmaceutical Industries (down 0.56%), Apollo Hospitals Enterprise (down 0.41%), Bajaj Finance (down 0.25%), Titan Company (down 0.24%) and Asian Paints (down 0.16%) were the top Nifty losers.

Reliance Industries (RIL) jumped 4.18%. The company initiated the process of demerging its financial services business.

RIL has convened a meeting of creditors and shareholders on 2 May 2023 to seek their approvals for demerging its financial services business into a separate entity and subsequent listing it on the stock exchanges. The voting will commence on 27 April 2023 and end on 1 May 2023, RIL said in a regulatory update. The conglomerate's board had approved the demerger in November 2022.

At present, Reliance Strategic Investments (RSIL) is a wholly-owned subsidiary of RIL and is an RBI-registered non-deposit-taking systemically important non-banking financial company. Post demerger, RSIL will be rechristened to Jio Financial Services (JFSL).

According to the contours of the deal, RIL will issue one share of the demerged company with a value of Rs 10 each for every one share held in RIL. The appointed date for the demerger is 31 March 2023. Upon the scheme becoming effective, the name of the demerged firm will be changed to JFSL and the new firm will be listed on the Indian bourses.

Buzzing Index:

The Nifty Auto index rose 0.97% to 12,238.90. The index has gained 2.69% in two trading sessions.

Samvardhana Motherson International (up 3.49%), MRF (up 2.56%), Tata Motors (up 2.53%), Bosch (up 2.06%), Hero MotoCorp (up 1.68%), Bharat Forge (up 1.27%), Ashok Leyland (up 1.21%), Sona BLW Precision Forgings (up 0.71%), Mahindra & Mahindra (up 0.68%) and Eicher Motors (up 0.58%) advanced.

On the other hand, TVS Motor Company (down 0.52%), Tube Investments of India (down 0.14%) and Balkrishna Industries (down 0.11%) declined.

Stocks in Spotlight:

Lupin declined 0.92%. The pharmaceutical company on Friday announced that it has received approval from the United States Food and Drug Administration (U.S. FDA) for its abbreviated new drug application (ANDA) for Tenofovir Alafenamide Tablets, 25 mg.

Maharashtra Seamless advanced 2.67%. The company announced that it has received orders from Oil and Natural Gas Corporation (ONGC) with cumulative basic value of Rs 537 crore for supply of seamless casing pipes.

Westlife Foodworld rallied 3.10%. The company informed that the royalty payable by its subsidiary to McDonald's for FY24 will be 4.5%.

Global Markets:

Shares in Europe and Asia advanced on Friday as technology stocks continued to see renewed interest and led gains on Wall Street, with some shaking off concerns of a further banking crisis.

US stocks rose on Thursday as investors are looking towards more clarity from US regulatory agencies on struggling banks and shares of technology and bank stocks mostly remained flat.

President Joe Biden urged federal regulators Thursday to take up a set of reforms to safeguard the banking system, following the failures of Silicon Valley Bank and Signature Bank.

The administration wants regulators to take a range of steps to reinstate safeguards for banks with assets between $100 billion and $250 billion and “strengthen oversight and regulation of larger banks so that we are not in this position again,” the White House said on Thursday.

In major political development, Donald Trump was indicted by a Manhattan grand jury on Thursday in a probe of hush money payments to a porn star during his 2016 campaign — a historic event in American law and politics that is certain to divide an already polarized society and electorate.

The 45th president, the first former Oval Office occupant to be indicted, will be fingerprinted and have his mug shot taken like any criminal defendant when he comes to New York State Supreme Court in Manhattan to face the charges, court officials have reportedly said.

Sensex spurts 806 pts, Nifty above 17,300 level, VIX drops over 6%.

The headline equity indices marched higher and hit a fresh intraday high in early afternoon trade. The Nifty traded above the 17,300 level. Oil & gas shares witnessed bargain hunting after sliding in the past five trading sessions.

The barometer index, the S&P BSE Sensex, was up 806.34 points or 1.39% to 58,766.43. The Nifty 50 index gained 232.75 36points or 1.02% to 17,313.45.

In the broader market, the S&P BSE Mid-Cap index added 1.10% while the S&P BSE Small-Cap index advanced 1.47%.

Buyers outnumbered sellers. On the BSE, 2,523 shares rose and 867 shares fell. A total of 131 shares were unchanged.

Investor sentiment was upbeat as concerns of further banking turmoil receded. However, markets remained cautious following a higher-than-expected German CPI, adding pressure on the European Central Bank to further tighten monetary policy.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 6.64% to 12.72. The Nifty 27 April 2023 futures were trading at 17,376.40, at a premium of 62.95 points as compared with the spot at 17,313.45.

The Nifty option chain for the 27 April 2023 expiry showed maximum Call OI of 35.8 lakh contracts at the 17,000 strike price. Maximum Put OI of 64.5 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty Oil & Gas index rose 1.78% to 7,151.85. The index witnessed bargain buying after sliding 2.12% in five trading session.

Reliance Industries (up 3.6%), Petronet LNG (up 1.85%), Indian Oil Corporation (up 1.37%), Bharat Petroleum Corporation (up 1.22%), Hindustan Petroleum Corporation (up 1.17%) Oil & Natural Gas Corpn (up 1.07%), GAIL (India) (up 0.28%), Castrol India (up 0.18%), Aegis Logistics (up 0.17%) edged higher.

On the other hand, Oil India (down 2.38%), Gujarat Gas (down 1.29%) and Gujarat State Petronet (down 0.72%) declined.

Reliance Industries (RIL) rallied 3.6%. The company initiated the process of demerging its financial services business.

RIL has convened a meeting of creditors and shareholders on 2 May 2023 to seek their approvals for demerging its financial services business into a separate entity and subsequent listing it on the stock exchanges. The voting will commence on 27 April 2023 and end on 1 May 2023, RIL said in a regulatory update. The conglomerate's board had approved the demerger in November 2022.

At present, Reliance Strategic Investments (RSIL) is a wholly-owned subsidiary of RIL and is an RBI-registered non-deposit-taking systemically important non-banking financial company. Post demerger, RSIL will be rechristened to Jio Financial Services (JFSL).

According to the contours of the deal, RIL will issue one share of the demerged company with a value of Rs 10 each for every one share held in RIL. The appointed date for the demerger is 31 March 2023. Upon the scheme becoming effective, the name of the demerged firm will be changed to JFSL and the new firm will be listed on the Indian bourses.

Stocks in Spotlight:

Tata Power Company gained 2.59% after the company said that its board has approved the re-appointment of Dr. Praveer Sinha as the CEO & managing director (MD) of the company for a period of four years effective from 1 May 2023 to 30 April 2027.

Hindustan Aeronautics (HAL) rose 2.73% after the company said that it has received income tax refund order worth Rs 790.66 crore from the Office of Joint Commissioner of Income Tax (OSD) for the assessment years 2013-14 & 2014-15.

Garden Reach Shipbuilders & Engineers jumped 5.85% after the company said that it has signed a contract with the Ministry of Defence (MoD) for construction of four next generation offshore patrol vessels (NGOPV) for Rs 3,500 crore. The first vessel is to be delivered within 44 months from contract signing and subsequent vessels at six months intervals.

Global Markets:

Asian stocks traded higher on Friday as technology stocks continued to see renewed interest and led gains on Wall Street, with some shaking off concerns of a further banking crisis.

US stocks rose on Thursday as investors are looking towards more clarity from US regulatory agencies on struggling banks and shares of technology and bank stocks mostly remained flat.

President Joe Biden urged federal regulators Thursday to take up a set of reforms to safeguard the banking system, following the failures of Silicon Valley Bank and Signature Bank.

The administration wants regulators to take a range of steps to reinstate safeguards for banks with assets between $100 billion and $250 billion and “strengthen oversight and regulation of larger banks so that we are not in this position again,” the White House said on Thursday.

In major political development, Donald Trump was indicted by a Manhattan grand jury on Thursday in a probe of hush money payments to a porn star during his 2016 campaign — a historic event in American law and politics that is certain to divide an already polarized society and electorate.

The 45th president, the first former Oval Office occupant to be indicted, will be fingerprinted and have his mug shot taken like any criminal defendant when he comes to New York State Supreme Court in Manhattan to face the charges, court officials have reportedly said.

Sensex adds 157 pts, Nifty above 17,000 level, Adani Enterprises spurts over 8%.

The key equity indices traded with decent gains in afternoon trade. The Nifty traded above the 17,000 level after hitting the day's low of 16,940.60 early afternoon trade. Barring the Nifty Oil & Gas index, all the sectoral indices on the NSE were in the green.

The barometer index, the S&P BSE Sensex, was up 156.73 points or 0.27% to 57,770.45. The Nifty 50 index added 64.80 points or 0.38% to 17,016.50.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.90% while the S&P BSE Small-Cap index gained 1.02%.

The market breadth was positive. On the BSE, 1,998 shares rose and 1,404 shares fell. A total of 133 shares were unchanged.

Trading could be volatile today as traders roll over positions in the F&O segment from the near month March series to April series. The March 2023 F&O contracts will expire today, 29 March 2023.

The domestic stock market will remain shut on Thursday, 30 March 2023 on account of Ram Navami.

Gainers & Losers:

Adani Enterprises (up 8.22%), Adani Ports and Special Economic Zone (up 6.40%), Eicher Motors (up 2.24%), Bajaj Auto (up 2.06%) and UltraTech Cement (up 1.90%) were the top Nifty gainers.

Reliance Industries (down 1.02%), UPL (down 0.87%), Bharti Airtel (down 0.87%), BPCL (down 0.47%) and Power Grid Corporation of India (down 0.43%) were the top Nifty losers.

Stocks in Spotlight:

Vedanta gained 2.52%. The diversified minerals company on Tuesday announced that its board has approved the fifth interim dividend of Rs 20.50 per equity share. The dividend will lead to a total payout of Rs 7,621 crore to shareholders. The record date for the same has been fixed on Friday, 7 April 2023.

Meanwhie, the mining company said that Ajay Goel has resigned from the position of acting chief financial officer (CFO) with effect from 9 April 2023, to pursue career outside the group. The company will announce the details of the successor in due course, Vedanta stated.

Larsen & Toubro (L&T) added 0.13%. The EPC major said that its Minerals & Metals (M&M) business has secured 'large' orders from the Vedanta Group. As per L&T classification, the value of the large project is Rs 2,500 crore to Rs 5,000 crore.

Separately , the EPC major on Tuesday announced that it has issued and allotted 2 lakh rated, listed, unsecured, redeemable non-convertible debentures (NCDs) of Rs 1 lakh each aggregating to Rs 2,000 crore, which will mature on 28 April 2028. The coupon rate on the NCD is fixed at 7.725%.

Jindal Stainless (JSL) rose 0.02%. JSL entered into a collaboration agreement with New Yaking Pte. Ltd. for the investment in, development, construction and operation of a Nickel Pig Iron (NPI) smelter facility located in an industrial park in Halmahera Islands, Indonesia. JSL will acquire a 49% equity interest for a consideration of around $157 million.

G R Infraprojects advanced 2.76%. The company has received letter of acceptance (LoA) for a project 'construction of tunnel work & allied works of Khurda - Bolangir new rail line project in east coast railway'. The estimated project is worth Rs 587.59 crore.

NHPC shed 0.41%. The power generation company on Tuesday announced that its board has approved raising of debt upto Rs 5,600 crore during financial year 2023-24 via corporate bonds and/or raising of term loans or external commercial borrowings.

Global Markets:

Markets in Europe and Asia advanced on Wednesday as Alibaba's Hong Kong-listed shares spiked at the open after the Chinese tech giant announced it will split into six business groups.

Australia's monthly inflation pace for February came in at a slower pace at 6.8% compared to the same period a year ago. This is lower than January's figure of 7.4%. Data from the country's statistics bureau revealed that the most significant price rises were in the housing, followed by food and non-alcoholic beverages, then in transport.

US stocks ended slightly lower on Tuesday as investors weighed comments from a top US regulator on struggling banks and sold shares of technology-related names after their recent strong run.

Consumer confidence inched up in March after two straight monthly declines. The Conference Board reported Tuesday that its consumer confidence index rose to 104.2 in March from 103.4 in February. The board said that despite the uptick in confidence, the index remains below 2022's average level of 104.5.

Equity barometers trade sideways; PSU banks stocks edge higher.

The domestic equity barometers traded sideways in early afternoon trade. The Nifty traded tad above the 16,950 mark. PSU bank stocks witnessed across the board buying.

The barometer index, the S&P BSE Sensex, was down 43.89 points or 0.08% to 57,569.83. The Nifty 50 index added 0.95 points or 0.01% to 16,952.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.70% while the S&P BSE Small-Cap index gained 0.68%.

The market breadth was strong. On the BSE, 1920 shares rose and 1406 shares fell. A total of 130 shares were unchanged.

Trading could be volatile today as traders roll over positions in the F&O segment from the near month March series to April series. The March 2023 F&O contracts will expire today, 29 March 2023.

The domestic stock market will remain shut on Thursday, 30 March 2023 on account of Ram Navami.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 4.42% to 14.43. The Nifty 27 April 2023 futures were trading at 17,064, at a premium of 111.35 points as compared with the spot at 16,952.65.

The Nifty option chain for the 27 April 2023 expiry showed maximum Call OI of 36.6 lakh contracts at the 17,000 strike price. Maximum Put OI of 59.7 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty PSU Bank index rose 0.78% to 3,595.15. The index had lost 0.21% to end at 3,567.35 yesterday.

UCO Bank (up 3.99%), Bank of India (up 2.59%), Punjab & Sind Bank (up 2.53%), Bank of Maharashtra (up 2.38%) and Indian Overseas Bank (up 1.9%) were the top gainers.

Among the other gainers were Union Bank of India (up 1.79%), Central Bank of India (up 1.55%), Canara Bank (up 0.94%), Bank of Baroda (up 0.72%) and Punjab National Bank (up 0.56%).

On the other hand, State Bank of India (down 0.16%), Indian Bank (down 0.09%), turned lower.

Stocks in Spotlight:

NBCC (India) jumped 5.46%. The company received work orders worth Rs 146.39 crore from Ghani Khan Choudhary Institute of Engineering and Technology, (GKCIET) in West Bengal and Small Industrial Development Bank of India (SIDBI).

HFCL rose 1.03%. The company said that it has secured an order worth Rs 282.61 crore from Gujarat Metro Rail Corporation (GMRC) for setting up of telecommunication systems for Surat Metro Rail Project Phase-I.

RPP Infra Projects gained 1.39%. The company announced that it has received a letter of acceptance (LoA) for a new project aggregating to Rs 148.08 crore in Uttar Pradesh.

Global Markets:

Asian stocks are mostly higher on Wednesday as Alibaba's Hong Kong-listed shares spiked at the open after the Chinese tech giant announced it will split into six business groups.

Australia's monthly inflation pace for February came in at a slower pace at 6.8% compared to the same period a year ago. This is lower than January's figure of 7.4%. Data from the country's statistics bureau revealed that the most significant price rises were in the housing, followed by food and non-alcoholic beverages, then in transport.

US stocks ended slightly lower on Tuesday as investors weighed comments from a top US regulator on struggling banks and sold shares of technology-related names after their recent strong run.

Consumer confidence inched up in March after two straight monthly declines. The Conference Board reported Tuesday that its consumer confidence index rose to 104.2 in March from 103.4 in February. The board said that despite the uptick in confidence, the index remains below 2022's average level of 104.5.

Key indices edge higher; market breadth strong.

The key equity benchmarks edged higher in early trade, as decent buying demand in index pivotals led the key indices higher. The Nifty traded tad above the 17,000 mark. Barring oil & gas, shares across sectors advanced with auto, FMCG and financials rising the most.

The barometer index, the S&P BSE Sensex, was up 115.08 points or 0.20% to 57,728.80. The Nifty 50 index advanced 50.15 points or 0.3% to 17,001.85.

Adani Ports (up 1.79%), Mahindra & Mahindra (up 1.39%), Adani Enterprises (up 1.22%), Bajaj Auto (up 1.04%) and Eicher Motors (up 1.03%) were the top Nifty gainers.

Reliance Industries (up 0.71%), Tata Steel (down 0.63%), Infosys (down 0.34%), Apollo Hospitals (down 0.12%) and IndusInd Bank (down 0.11%) were the top Nifty laggards.

In the broader market, the S&P BSE Mid-Cap index rose 0.33% while the S&P BSE Small-Cap index gained 0.56%.

The market breadth was strong. On the BSE, 1,720 shares rose and 798 shares fell. A total of 97 shares were unchanged.

Trading could be volatile today as traders roll over positions in the F&O segment from the near month March series to April series. The March 2023 F&O contracts will expire today, 29 March 2023.

The domestic stock market will remain shut on Thursday, 30 March 2023 on account of Ram Navami.

Stocks in Spotlight:

Vedanta rose 0.47%. The board of directors of the company approved the fifth interim dividend of Rs 20.50 per equity share on face value of Re 1 per share for the financial year 2022-23. The record date for the purpose of payment of dividend is 7 April 2023.

Granules India shed 0.18%. The US Food & Drug Administration (USFDA) has approved Granules India's Abbreviated New Drug Application (ANDA) for Gabapentin tablets USP, 600 mg and 800 mg. The drug is bioequivalent to the reference listed drug product (RLD), Neurontin tablets, 600 mg and 800 mg, of Viatris Specialty LLC.

Zydus Lifesciences was up 0.08%. The company has received final approval for Loperamide Hydrochloride Capsules USP, 2 mg (USRLD: Imodium Capsules) from the United States Food and Drug Administration (US FDA).

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced to 7.337 from 7.321 in previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.2500, compared with its close of 82.1600 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement declined 0.20% to Rs 58,923.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.15% to 102.58.

The United States 10-year bond yield rose 0.15% to 3.573.

In the commodities market, Brent crude for May 2023 settlement added 15 cents or 0.19% to $78.80 a barrel.

Global Markets:

Asian stocks are mostly higher on Wednesday as Alibaba's Hong Kong-listed shares spiked at the open after the Chinese tech giant announced it will split into six business groups.

Australia's monthly inflation pace for February came in at a slower pace at 6.8% compared to the same period a year ago. This is lower than January's figure of 7.4%. Data from the country's statistics bureau revealed that the most significant price rises were in the housing, followed by food and non-alcoholic beverages, then in transport.

US stocks ended slightly lower on Tuesday as investors weighed comments from a top US regulator on struggling banks and sold shares of technology-related names after their recent strong run.

Consumer confidence inched up in March after two straight monthly declines. The Conference Board reported Tuesday that its consumer confidence index rose to 104.2 in March from 103.4 in February. The board said that despite the uptick in confidence, the index remains below 2022's average level of 104.5.

Key indices end with minor cuts; auto stocks witness significant selling.

The key equity barometers ended with minor cuts on Tuesday as volatility on domestic continued to persist. The Nifty ended tad above the 16,950 level after hitting the day's high of 17,061.75 in early trade. Auto, metal and oil & gas stocks declined while banks & financials managed to end in the green.

As per provisional closing data, the barometer index, the S&P BSE Sensex, fell 40.14 points or 0.07% to 57,613.72. The Nifty 50 index lost 34 points or 0.2% to 16,951.70.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.42% while the S&P BSE Small-Cap index was declined 0.79%.

Sellers outnumbered buyers. On the BSE, 1045 shares rose and 2500 shares fell. A total of 99 shares were unchanged.

Buzzing Index:

The Nifty Auto index fell 0.97% to 11,917.95. The index has slipped 2.36% in the three sessions.

Tata Motors (down 2.77%), Hero MotoCorp (down 2.65%), Sona BLW Precision Forgings (down 2.32%), Samvardhana Motherson International (down 1.95%) and MRF (down 1.63%) were the top losers.

Among the other losers were TVS Motor Company (down 1.15%), Eicher Motors (down 1.09%), Bharat Forge (down 1.04%), Mahindra & Mahindra (down 0.98%) and Maruti Suzuki India (down 0.85%).

On the other hand, Tube Investments of India (up 1.76%), Balkrishna Industries (up 1.47%) and Bosch (up 1.13%) moved up.

Stocks in Spotlight:

One 97 Communications fell 1.01%. Paytm Payments Bank (PPBL) announced that its full KYC wallet customers will be able to make payments on every UPI QR codes and online merchant where UPI payments are accepted. Paytm Payments Bank has the largest scale in India, in terms of mobile transactions.

Kalyan Jewellers slumped 9.22%. On the BSE, over 74.51 lakh shares of the company had changed hands at the counter as against an average trading volume of 3.39 lakh shares in the past two weeks.

Warburg Pincus will reportedly offload a 2.5% stake in the company through a block deal. The shares would be offloaded at Rs 110 apiece, as per reports.

Aditya Birla Capital rose 1.13%. The company received board approval for sale of its entire 25.65 lakh shares or 50.002% stake in Aditya Birla Insurance Brokers (ABIBL), to Edme Services. Infocyber India, the other shareholder of ABIBL, will also sell its 25.64 lakh shares, or 49.998% stake of the company, to Edme Services. The total enterprise value of the transaction is set at Rs 455 crore.

Adani Enterprises slumped 7.08%. AMG Media Networks (AMNL), a wholly-owned subsidiary of Adani Enterprises, has completed the acquisition of 49% stake in Quintillion Business Media (QMBL) for a cash consideration of Rs 47.84 crore.

PNC Infratech jumped 6.33%. The EPC company has been declared the L1 (Lowest) bidder for a highway project in Uttar Pradesh on hybrid annuity mode (HAM) with a bid project cost of Rs 819 crore. Project is to be constructed in 24 months and operated for 15 years, post construction.Dilip Buildcon tumbled 4.87%. The company has been declared as L-1 bidder for new HAM project 'Bengaluru - Vijayawada under Bharatmala Pariyojana Phase-I (Package -7) in Andhra Pradesh. The order is worth Rs. 780.12 crore.

Carysil slipped 1.34%. The company renewed contract with US-based Karran Inc. for supplying quartz kitchen sink worth about $68 million over the period of five years.

Paras Defence and Space Technologies declined 2.33%. The company said it has secured regulatory license for establishing an industrial undertaking to manufacture certain industrial items.

Gujarat Ambuja Exports (GAEL) shed 0.69%. The company announced commissioning of 1200 tons per day Maize processing greenfield project at Malda in West Bengal.

Allcargo Logistics added 1.21%. The company said it will buy a 30% stake in Gati-Kintetsu Express for Rs 406.71 crore. Post completion of this transaction, Allcargo Logistics will hold 30% stake and Gati will continue to hold the existing 70% stake in GKEPL.

Global Markets:

Shares in Europe and Asia advanced on Tuesday as investor fears over the recent banking turmoil continued to show signs of easing.

Policymakers and central bank officials have continued to stress the banking system is not heading for a crash, though jitters remain.

Overnight in the U.S., stocks on Wall Street ended higher - bank stocks broadly rose as investors attempted to move on from the turmoil after First Citizens bought a large chunk of failed Silicon Valley Bank.

Nifty below 16,950 mark ; media stocks decline.

The domestic equity barometers continued to trade with minor losses in mid-afternoon trade. The Nifty traded below the 16,950 mark after hitting the day's high of 17,061.75 in early trade. Media stocks witnessed selling pressure for fifth day in a row.

The barometer index, the S&P BSE Sensex, was down 80.81 points or 0.14% to 57,573.05. The Nifty 50 index lost 45.15 points or 0.27% to 16,940.55.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.62% while the S&P BSE Small-Cap index was declined 0.83%.

Sellers outnumbered buyers. On the BSE, 950 shares rose and 2,521 shares fell. A total of 120 shares were unchanged.

Numbers to track:

The yield on India's 10-year benchmark federal paper rose to 7.330 from 7.312 previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.2075, compared with its close of 82.3150 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement was up 0.05% to Rs 59,014.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.14% to 102.72.

The United States 10-year bond yield advanced 0.80% to 3.556.

In the commodities market, Brent crude for May 2023 settlement was up 31 cents or 0.40% to $78.43 a barrel.

Buzzing Index:

The Nifty media index declined 2.12% to 1,641.85. The index slipped 5.85% in past five trading sessions.

Dish TV India (down 5.26%), New Delhi Television (down 4.04%), Hathway Cable & Datacom (down 3.46%), Sun TV Network (down 3.36%) and TV18 Broadcast (down 2.3%) were the top losers.

Among the other losers were Network 18 Media & Investments (down 1.68%), Nazara Technologies (down 1.59%), Zee Entertainment Enterprises (down 1.45%), PVR (down 1.4%) and Navneet Education (down 0.11%).

Gainers & Losers:

IndusInd Bank (up 1.85%), UPL (up 1.76%), Coal India (up 0.84%), Dr. Reddy's Laboratories (up 0.83%) and HDFC Bank (up 0.79%) were the top Nifty gainers.

Adani Enterprises (down 6.63%), Adani Ports and Special Economic Zone (down 5.56%), Tech Mahindra (down 2.99%), Hero MotoCorp (down 2.20%) and ONGC (down 2%) were the top Nifty losers.

Stocks in Spotlight:

G R Infraprojects declined 4.99%. The company has been emerged lowest bidder (L1) bidder for two projects in Karnataka.

Allcargo Logistics rose 1.37% after the company said it will buy a 30% stake in Gati-Kintetsu Express for Rs 406.71 crore. Post completion of this transaction, Allcargo Logistics will hold 30% stake and Gati will continue to hold the existing 70% stake in GKEPL.

One 97 Communications rose 0.60%. Paytm Payments Bank (PPBL) announced that its full KYC wallet customers will be able to make payments on every UPI QR codes and online merchant where UPI payments are accepted. Paytm Payments Bank has the largest scale in India, in terms of mobile transactions.

Kalyan Jewellers slumped 8.88%. On the BSE, over 70.31 lakh shares of the company had changed hands at the counter as against an average trading volume of 3.39 lakh shares in the past two weeks.

Warburg Pincus will reportedly offload a 2.5% stake in the company through a block deal. The shares would be offloaded at Rs 110 apiece, as per reports.

Aditya Birla Capital shed 0.48% after the company received board approval for sale of its entire 25.65 lakh shares or 50.002% stake in Aditya Birla Insurance Brokers (ABIBL), to Edme Services. Infocyber India, the other shareholder of ABIBL, will also sell its 25.64 lakh shares, or 49.998% stake of the company, to Edme Services. The total enterprise value of the transaction is set at Rs 455 crore.

Adani Enterprises tumbled 6.63%. AMG Media Networks (AMNL), a wholly-owned subsidiary of Adani Enterprises, has completed the acquisition of 49% stake in Quintillion Business Media (QMBL) for a cash consideration of Rs 47.84 crore.

Global Markets:

Shares in Europe and Asia advanced on Tuesday as investor fears over the recent banking turmoil continued to show signs of easing.

Overnight in the U.S., stocks on Wall Street ended higher - bank stocks broadly rose as investors attempted to move on from the turmoil after First Citizens bought a large chunk of failed Silicon Valley Bank.

Broader markets edge lower; metal shares fall for 3rd day.

The key equity barometers continued to trade in a volatile manner in early afternoon trade. The Nifty traded tad above the 16,950 mark. Metal shares declined for third consecutive session.

The barometer index, the S&P BSE Sensex, was down 42.63 points or 0.07% to 57,611.23. The Nifty 50 index lost 30.40 points or 0.18% to 16,955.30.

In the broader market, the S&P BSE Mid-Cap index fell 0.72% while the S&P BSE Small-Cap index was declined 0.89%.

The market breadth was weak. On the BSE, 952 shares rose and 2,410 shares fell. A total of 130 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.21% to 15.26. The Nifty 29 March 2023 futures were trading at 17,001.15, at a premium of 45.85 points as compared with the spot at 16,955.30.

The Nifty option chain for the 29 March 2023 expiry showed maximum Call OI of 183.5 lakh contracts at the 17,000 strike price. Maximum Put OI of 142.6 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty Metal index slipped 0.77% to 5,331.30. The index has fallen 3.03% in three sessions.

Adani Enterprises (down 6.89%), Jindal Stainless (down 4.08%), Welspun Corp (down 2.13%), MOIL (down 1.51%) and Hindustan Copper (down 1.25%) were the top losers.

Among the other losers were Vedanta (down 0.79%), Hindustan Zinc (down 0.73%), JSW Steel (down 0.4%), Jindal Steel & Power (down 0.28%) and National Aluminium Company (down 0.26%).

On the other hand, Hindalco Industries (up 0.85%), Ratnamani Metals & Tubes (up 0.67%) and APL Apollo Tubes (up 0.45%) turned up.

Buzzing Index:

The Nifty Realty index declined 0.40% to 375.05. The index has fallen 5.05% in seven sessions.

Sunteck Realty (down 3.38%), Indiabulls Real Estate (down 2.43%), Phoenix Mills (down 2.14%), Sobha (down 1.43%) and Prestige Estates Projects (down 1.37%) were the top losers.

Further, Brigade Enterprises (down 0.57%), DLF (down 0.4%), Oberoi Realty (down 0.33%) and Godrej Properties (down 0.03%) edged lower.

Buzzing Index:

The Nifty Oil & Gas index slipped 0.84% to 7,005.15. The index has lost 2.42% in four sessions.

Adani Total Gas (down 5%), Bharat Petroleum Corporation (down 2.13%), Hindustan Petroleum Corporation (down 2.01%), Oil & Natural Gas Corporation (down 1.66%) and Gujarat Gas (down 1.21%) were the top losers.

Among the other losers were Indian Oil Corporation (down 1.17%), Aegis Logistics (down 0.79%), Indraprastha Gas (down 0.58%), Oil India (down 0.42%) and Gujarat State Petronet (down 0.2%).

On the other hand, Castrol India (up 1.48%), Mahanagar Gas (up 0.7%) and Reliance Industries (up 0.2%) turned up.

Stocks in Spotlight:

Sterlite Technologies fell 2.43%. The company announced that it has signed an amended and restated agreement to transfer its Telecom Products and Software business as an asset sale to Skyvera LLC.

Zydus Lifesciences was up 0.08%. The drug maker said that it has received final approval from US Food and Drug Administration (USFDA) for Levothyroxine Sodium injection and Doxepin Hydrochloride capsules.

Levothyroxine Sodium Injection is indicated for the treatment of myxedema coma. The drug will be manufactured at the group's injectable manufacturing facility at Jarod, near Vadodara (India).

Carysil rose 3.23%. The company renewed contract with US-based Karran Inc. for supplying quartz kitchen sink worth about $68 million over the period of five years.

Paras Defence and Space Technologies added 2.03%. The company said it has secured regulatory license for establishing an industrial undertaking to manufacture certain industrial items.

Gujarat Ambuja Exports (GAEL) advanced 1.32%. The company announced commissioning of 1200 tons per day Maize processing greenfield project at Malda in West Bengal.

Global Markets:

Asian stocks are largely advanced on Tuesday as investor fears over the recent banking turmoil continued to show signs of easing.

Overnight in the U.S., stocks on Wall Street ended higher - bank stocks broadly rose as investors attempted to move on from the turmoil after First Citizens bought a large chunk of failed Silicon Valley Bank.

Sensex, Nifty end with limited gains; pharma shares outperform.

Sensex

The key equity barometers ended with limited gains after a volatile session on Monday. After hitting the day's high at 17,091 in mid-afternoon trade, selling in the last hour of trade forced the Nifty to pare most gains and it ended below the 17,000 level. Pharma, healthcare and IT stocks were in demand while realty, media and auto stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, added 126.76 points or 0.22% to 57,653.86. The Nifty 50 index advanced 40.65 points or 0.24% to 16,985.70.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.37% while the S&P BSE Small-Cap index slipped 1.50%.

Sellers outnumbered buyers. On the BSE, 926 shares rose, and 2,708 shares fell. A total of 154 shares were unchanged.

Numerous global economic releases are scheduled for the final week of the current fiscal year 2022-2023. Absence of significant market triggers this week in the domestic market, investors and traders at home are likely to turn to the international markets for future direction.

Moreover, the week will witness the monthly derivatives series expiry for March on Wednesday, which shall induce some volatility in the domestic market.

Buzzing Index:

The Nifty Pharma index rose 1.03% to 11,876.55. The index had declined 0.22% to end at 11,755.35 on Friday.

Biocon (up 3.85%), Glenmark Pharmaceuticals (up 3.02%), Lupin (up 2.73%), Alkem Laboratories (up 2.7%) and Aurobindo Pharma (up 2.27%) were the top gainers.

Among the other gainers were Natco Pharma (up 1.87%), Abbott India (up 1.75%), Cipla (up 1.39%), Ipca Laboratories (up 1.23%) and Torrent Pharmaceuticals (up 1.2%).

On the other hand, Pfizer (down 1.42%), Gland Pharma (down 1.09%) and Glaxosmithkline Pharmaceuticals (down 0.93%) turned lower.

Sun Pharmaceutical Industries advanced 0.91%. The pharmaceutical major said that it has entered into an agreement to acquire 60% shareholding in Vivaldis Health and Foods from its existing shareholders. The acquisition is being made for a cash consideration of Rs 143.30 crore. The company expects to complete the acquisition by the end of May 2023.

Morepen Laboratories zoomed 7.37%. The company announced successful completion of US drug regulator's inspection of API facility at Baddi in Himachal Pradesh.

Stocks in Spotlight:

Reliance Industries (RIL) advanced 1.50%. RIL said on Friday that its board has designated Srikanth Venkatachari, joint chief financial officer, as chief financial officer (CFO) of the company with effect from 1 June 2023. The current CFO, Alok Agarwal, will assume a new role as senior advisor to the chairman and managing director of the company assisting him on a wide range of strategic issues with effect from 1 June 2023, after 30 years of service.

Tata Steel added 0.20%. The company announced on Friday that it acquired 4,65,116 equity shares of its wholly owned subsidiary, Tata Steel Utilities and Infrastructure Services (TSUISL), on rights basis amounting to Rs 10 crore. TSUISL allotted the shares to Tata Steel at Rs 215 each.

Crompton Greaves Consumer Electricals rose 0.91% while Butterfly Gandhimathi Appliances slipped 3.39%. Crompton Greaves Consumer Electricals and Butterfly Gandhimathi Appliances have announced a merger to accelerate and smoothen the realisation of synergies of the combined business. Both are listed companies and the merger will take place through shares swap.

Upon Merger, the public shareholders of Butterfly as on the record date will receive 22 equity shares of Crompton for every 5 equity shares held by them in Butterfly, as a consideration for the merger. Post-merger, the public shareholders of Butterfly will hold around 3% stake in the combined entity.

L&T Finance Holdings shed 0.95%. The NBFC said that the Reserve Bank of India (RBI) has approved merger of subsidiaries L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee with L&T Finance Holdings.

Larsen & Toubro (L&T) lost 0.43%. The company on Monday announced that its Power Transmission & Distribution business has secured 'large' orders in India and overseas. As per L&T classification, the value of the large project is Rs 2,500 crore to Rs 5,000 crore.

Bharat Electronics (BEL) rose 0.33%. BEL announced that it has bagged orders worth Rs 4,300 crore from Indian Army and Indian Navy.

Indian Overseas Bank (IOB) declined 3.72%. IOB said that it has raised Rs 1,000 crore via issue of 1,000 unsecured, non-convertible, listed, redeemable, Basel-III compliant tier-II bonds through private placement basis.

Dalmia Bharat rose 2.27%. The company said its material wholly owned subsidiary, Dalmia Cement (Bharat), entered into binding agreement to sell its entire stake of 42.36% of Dalmia Bharat Refractories (DBRL) to Sarvapriya Healthcare Solutions for a consideration of Rs 800 crore. The said transaction will be completed on or before 25 April 2023.

ISGEC Heavy Engineering fell 3.48%. The company received order worth Rs 197.25 crore from Maharashtra State Power Generation (MAHAGENCO) for renovation of electrostatic precipitators (ESPs) at Chandrapur thermal power, Maharashtra.

Global Markets:

Shares in Europe advanced while Asian stocks ended mostly lower on Monday as investors continue to assess the impact of the banking troubles in the U.S and Europe on the global economy.

In the U.S. early on Monday, First Citizens Bank agreed to buy large parts of Silicon Valley Bank, the U.S. Federal Deposit Insurance Corporation said. However, investors remained on high alert for signs of stresses in the banking system, while fears of contagion remain.

The deal includes the purchase of approximately $72 billion of SVB assets at a discount of $16.5 billion, but around $90 billion in securities and other assets will remain “in receivership for disposition by the FDIC.”

Last Friday, Deutsche Bank shares saw a sell-off after the German lender's credit default swaps jumped. The stock was up 3.2% in mid-morning trade on Monday.

Over the weekend, International Monetary Fund chief Kristalina Georgieva said in a speech that risks to financial stability have increased, though actions by advanced economies have calmed market stress.

US stocks closed higher on Friday, marking the end of a tumultuous week as Federal Reserve officials calmed investor fears over a potential liquidity crisis in the banking sector.

 

Key barometers hit fresh intraday high; FMCG stocks edged higher.

STOCKS

The key equity indices regained upward momentum and hit fresh intraday high in mid-afternoon trade. The Nifty traded above the 17,050 level. FMCG stocks witnessed decent buying demand.

The barometer index, the S&P BSE Sensex, was up 432.03 points or 0.75% to 57,959.13. The Nifty 50 index advanced 132.05 points or 0.78% to 17,077.10.

In the broader market, the S&P BSE Mid-Cap index added 0.12% while the S&P BSE Small-Cap index slipped 0.98%.

The market breadth was weak. On the BSE, 1,005 shares rose, and 2,557 shares fell. A total of 151 shares were unchanged.

Numerous global economic releases are scheduled for the final week of the current fiscal year 2022-2023. Absence of significant market triggers this week in the domestic market, investors and traders at home are likely to turn to the international markets for future direction.

Moreover, the week will witness the monthly derivatives series expiry for March on Wednesday, which shall induce some volatility in the domestic market.

Numbers to track:

The yield on India's 10-year benchmark federal paper rose to 7.323 from 7.318 previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.35, compared with its close of 82.40 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement declined 0.44% to Rs 59,014.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 103.06.

The United States 10-year bond yield advanced 1.44% to 3.427.

In the commodities market, Brent crude for May 2023 settlement was up 43 cents or 0.57% to $75.42 a barrel.

Gainers & Losers:

Reliance Industries (RIL) (up 1.75%), Grasim Industries (up 1.34%), Oil & Natural Gas Corporation (ONGC) (up 1.34%), Divi's Laboratories (up 1.23%) and Cipla (up 1.21%) were the top Nifty gainers.

Adani Ports and Special Economic Zone (down 1.65%), Tata Motors (down 1.32%), Axis Bank (down 1.13%), Mahindra & Mahindra (down 1.03%) and Adani Enterprises (down 0.93%) were the top Nifty losers.

Stocks in Spotlight:

Reliance Industries (RIL) was up 1.75%. RIL said on Friday that its board has designated Srikanth Venkatachari, joint chief financial officer, as chief financial officer (CFO) of the company with effect from 1 June 2023. The current CFO, Alok Agarwal, will assume a new role as senior advisor to the chairman and managing director of the company assisting him on a wide range of strategic issues with effect from 1 June 2023, after 30 years of service.

Tata Steel added 0.20%. The company announced on Friday that it acquired 4,65,116 equity shares of its wholly owned subsidiary, Tata Steel Utilities and Infrastructure Services (TSUISL), on rights basis amounting to Rs 10 crore. TSUISL allotted the shares to Tata Steel at Rs 215 each.

Sun Pharmaceutical Industries gained 1.17%. The pharmaceutical major said that it has entered into an agreement to acquire 60% shareholding in Vivaldis Health and Foods from its existing shareholders. The acquisition is being made for a cash consideration of Rs 143.30 crore. The company expects to complete the acquisition by the end of May 2023.

Crompton Greaves Consumer Electricals rose 0.97% while Butterfly Gandhimathi Appliances slipped 3.34%. Crompton Greaves Consumer Electricals and Butterfly Gandhimathi Appliances have announced a merger to accelerate and smoothen the realisation of synergies of the combined business. Both are listed companies and the merger will take place through shares swap.

Upon Merger, the public shareholders of Butterfly as on the record date will receive 22 equity shares of Crompton for every 5 equity shares held by them in Butterfly, as a consideration for the merger. Post-merger, the public shareholders of Butterfly will hold around 3% stake in the combined entity.

L&T Finance Holdings shed 1.35%. The NBFC said that the Reserve Bank of India (RBI) has approved merger of subsidiaries L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee with L&T Finance Holdings.

Larsen & Toubro (L&T) rose 0.05%. The company on Monday announced that its Power Transmission & Distribution business has secured 'large' orders in India and overseas. As per L&T classification, the value of the large project is Rs 2,500 crore to Rs 5,000 crore.

Buzzing Index:

The Nifty FMCG index advanced 0.60% to 45,332. The index had lost 0.46% in past trading session.

Dabur India (up 1.48%), Marico (up 0.97%), ITC (up 0.81%), Hindustan Unilever (up 0.63%) and Varun Beverages (up 0.59%), Nestle India (up 0.56%), Godrej Consumer Products (up 0.39%), Britannia Industries (up 0.36%) and Colgate-Palmolive (India) (up 0.34%)advanced .

On the other hand, Emami (down 2.28%), United Spirits (down 1.22%) and United Breweries (down 0.68%) declined.

Stocks in Spotlight:

FDC rose 0.22%. The pharma company said that the US drug regulator successfully completed its inspection at its Raigad active pharmaceutical ingredients (API) facility with no observations.

Arvind SmartSpaces added 0.87%. The company sold out the entire launched inventory of 2nd phase of its residential plotted development project, Arvind Greatlands in Devanahalli, Bengaluru, within 7 hours of launch. It consisted of more than 150 units valued at more than Rs 100 crore.

ISGEC Heavy Engineering advanced 0.58%. The company received order worth Rs 197.25 crore from Maharashtra State Power Generation (MAHAGENCO) for renovation of electrostatic precipitators (ESPs) at Chandrapur thermal power, Maharashtra.

Equity benchmarks pare some gains; metal stocks edge higher.

The key equity indices some gains as they came off the day's high in mid-morning trade. The Nifty slipped below the 17,000 mark. Metal stocks recorded across the board buying after Friday's sell-off.

The barometer index, the S&P BSE Sensex, was up 157.64 points or 0.27% to 57,684.74. The Nifty 50 index advanced 51.05 points or 0.3% to 16,996.10.

Volatility continued to persist on the domestic bourses, with the NSE India Vix rising 2.11% to 15.56.

In the broader market, the S&P BSE Mid-Cap index fell 0.20% while the S&P BSE Small-Cap index slipped 1.15%.

Dhani Services (down 5.57%), Triveni Engineering & Industries (down 5.14%), Rossari Biotech (down 5.01%), Alok Industries (down 4.47%), RattanIndia Enterprises (down 4.76%) were the top losers in the broader market segment.

Vijaya Diagnostic Centre (up 5.25%), EPL (up 5.09%), Lupin (up 4.80%), Metropolis (up 2.97%) and Phoenix Mills (up 2.75%) were the top broader market outperformers.

The market breadth was weak. On the BSE, 949 shares rose, and 2451 shares fell. A total of 153 shares were unchanged.

Numerous global economic releases are scheduled for the final week of the current fiscal year 2022-2023. Absence of significant market triggers this week in the domestic market, investors and traders at home are likely to turn to the international markets for future direction.

Moreover, the week will witness the monthly derivatives series expiry for March on Wednesday, which shall induce some volatility in the domestic market.

Buzzing Index:

The Nifty Metal index added 0.15% to 5,381.20. The index had fallen 2.27% to end at 5,372.90 in the previous trading session.

Hindalco Industries (up 1.63%), Hindustan Zinc (up 1.02%), Vedanta (up 0.87%), JSW Steel (up 0.35%), Tata Steel (up 0.24%) and Jindal Stainless (up 0.19%) edged higher.

Meanwhile, Adani Enterprises (down 2.34%), Welspun Corp (down 2.14%) and MOIL (down 1.52%), Laurus Labs (down 1.22%), Glaxosmithkline Pharmaceuticals (down 0.73%) and Pfizer (down 0.59%) moved lower.

Buzzing Index:

The Nifty Pharma index rose 0.85% to 11,855.05. The index had declined 0.22% to end at 11,855.05 yesterday.

Aurobindo Pharma (up 3.01%), Lupin (up 2.09%), Glenmark Pharmaceuticals (up 1.89%), Biocon (up 1.36%) and Alkem Laboratories (up 1.24%) were the top gainers.

Among the other gainers were Gland Pharma (up 1.15%), Dr Reddys Laboratories (up 1.07%), Zydus Lifesciences (up 0.94%), Torrent Pharmaceuticals (up 0.66%) and Divis Laboratories (up 0.65%).

On the other hand, Laurus Labs (down 1.22%), Glaxosmithkline Pharmaceuticals (down 0.73%) and Pfizer (down 0.59%) moved lower.

Stocks in Spotlight:

Godawari Power & Ispat rose 1.58%. The company said that the sponge iron plant, power plants, steel melting shop (SMS plant), rolling mill and wire drawing plants at Siltara, Chhattisgarh have partially resumed its operations with effect from 24 March 2023.

Morepen Laboratories zoomed 15.02%. The company announced successful completion of US drug regulator's inspection of API facility at Baddi in Himachal Pradesh.

L&T Finance Holdings shed 0.79%. The NBFC said that the Reserve Bank of India (RBI) has approved merger of subsidiaries L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee with L&T Finance Holdings.

Global Markets:

Asian stocks traded mixed on Monday as investors continue to assess the impact of the banking troubles in the U.S and Europe on the global economy.

US stocks closed higher on Friday, marking the end of a tumultuous week as Federal Reserve officials calmed investor fears over a potential liquidity crisis in the banking sector.

Market ends with modest cuts amid volatility; Nifty settles below 17,100.

Nifty Settles 

The domestic equity barometers ended a volatile session with modest losses on Thursday. Trading was volatile due to expiry of weekly index options on the NSE. The Nifty closed below the 17,100 level after hitting day's high of 17,205.40 in afternoon trade. FMCG, pharma and healthcare shares advanced while banking, realty and IT shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 289.31 points or 0.50% to 57,925.28. The Nifty 50 index lost 75 points or 0.44% to 17,076.90.

In the broader market, the S&P BSE Mid-Cap index fell 0.45% while the S&P BSE Small-Cap index slipped 0.15%.

The market breadth was negative. On the BSE, 1,446 shares rose and 2,055 shares fell. A total of 133 shares were unchanged.

The Federal Reserve on Wednesday raised interest rates by another 25 basis points to 4.75% to 5%, the highest level since September 2007. However, indicated it was on the verge of pausing further increases in borrowing costs after the recent collapse of two US banks.

New Listing:

Shares of Global Surfaces were locked in an upper circuit of 5% at Rs 171.15 on the BSE, representing a premium of 22.25% compared with the issue price of Rs 140.

The scrip was listed at a price of Rs 163, at a premium of 16.43% as compared to the issue price.

So far, the stock has hit a high of 171.15 and a low of 156.30. On the BSE, over 4.36 lakh shares of the company were traded in the counter so far.

Stocks in Spotlight:

Larsen & Toubro lost 0.30%. The EPC major on Wednesday announced that it has entered into an electrolyzer manufacturing binding agreement with France-based McPhy Energy for a long-term partnership to explore the opportunities unfolding in the emerging green hydrogen market.

Nazara Technologies advanced 0.44% after Absolute Sports, the parent company of Sportskeeda announced that it has signed definitive agreements, to acquire a 73.27% stake in Pro Football Network LLC (PFN), a premier source of coverage and analysis of the NFL (United States' most watched sport) and college football. Absolute Sports (Sportskeeda) is a subsidiary of Nazara Technologies.

Maruti Suzuki India rose 1.18% after the company said it has planned price increase in April 2023 which shall vary across models.

Hindustan Aeronautics (HAL) fell 4.69% after the offer for sale (OFS) opened for non-retail investors today, 23 March 2023. Through the OFS, the Government of India proposes to sell up to 58,51,782 equity shares (representing 1.75% stake), with an option to sell an additional 1.75% stake or 58,51,781 equity shares in case of oversubscription. The floor price for the sale has been set at Rs 2,450, a 6.67% discount to the stock's closing price of Rs 2625.20 on Wednesday, 22 March 2023.

H.G. Infra Engineering rallied 4.83% after the civil construction company announced that it has been declared as lowest bidder (L-1) by National Highways Authority of India (NHAI) for a road construction project in Jharkhand.

Glenmark Pharmaceuticals fell 0.10%. The drug maker said that it has received final approval from US Food & Drug Administration (USFDA) for Calcipotriene and Betamethasone Dipropionate Foam, 0.005%, 0.064%.

G R Infraprojects jumped 6.09%. The civil construction company emerged as lowest (L‐1) bidder for tender invited by National Highways Authority of India (NHAI) for a road project amounting to Rs 1,226.87 crore in Uttar Pradesh.

Meanwhile yesterday, G R Infra announced that Dibang Power consortium, a joint venture between the company and Patel Engineering, has emerged as L-1 for construction of civil works project in Arunachal Pradesh. The bid project cost is Rs 3,637.12 crore and the share of GR Infraprojects in the contract is 50%.

Further, the EPC company also announced that it has emerged as L‐1 bidder for the tender invited by NHAI for a road project amounting to Rs 872.17 crore in Maharashtra.

Global Markets:

European shares declined while Asian stocks traded mixed on Thursday, following Wall Street's reaction overnight after the U.S. Federal Reserve hiked rates by another 25 basis points.

US stocks end sharply lower on Wednesday after the U.S. Federal Reserve delivered a widely expected 25 basis point policy hike. U.S. Federal Reserve Chair Jerome Powell re-stated his commitment to curbing inflation, including the possibility of more interest rate rises.

The Federal Reserve hiked its benchmark interest rate by another 25 basis points, in line with Wall Street's predictions. The increase takes the benchmark federal funds rate to a target range between 4.75%-5%.

The Federal Open Market Committee said in a post-meeting statement that it “will closely monitor incoming information and assess the implications for monetary policy.” Fed projections call for just one more hike this year.

Treasury Secretary Janet Yellen said Wednesday that the FDIC was not considering providing “blanket insurance” for banking deposits. Yellen made the remarks at a hearing of a U.S. Senate appropriations subcommittee. Yellen said the administration was not considering expanding bank deposit guarantees beyond the current limit of $250,000, as per reports.

Indices trade with minor gains, Nifty above 17,150 mark.

NIFTY ABOVE

The key equity indices continued to trade with minor gains in afternoon trade. The Nifty traded above the 17,150 mark. Metal, private bank and FMCG stocks were in demand while IT, realty and PSU bank scrips declined. Trading was volatile due to expiry of weekly index options on the NSE.

The barometer index, the S&P BSE Sensex, was up 112.91 points or 0.19% to 58,327.50. The Nifty 50 index added 35.75 points or 0.21% to 17,187.65.

In the broader market, the S&P BSE Mid-Cap index fell 0.16% while the S&P BSE Small-Cap index gained 0.15%.

The market breadth was negative. On the BSE, 1,657 shares rose and 1,759 shares fell. A total of 122 shares were unchanged.

The US Fed hiked rates by 25 basis points, which is in line with the market expectations amid turmoil in the US banking sector.

Gainers & Losers:

Hindalco Industries (up 1.74%), IndusInd Bank (up 1.31%), Maruti Suzuki India (up 1.22%), Tata Motors (up 1.18%) and HDFC Life Insurance Company (up 1.18%) were the top Nifty gainers.

Asian Paints (down 1.79%), HCL Technologies (down 1.20%), Bajaj Auto (down 1.20%), Infosys (down 0.77%) and Reliance Industries (down 0.76%) were the top Nifty losers.

Stocks in Spotlight:

Larsen & Toubro added 0.38%. The EPC major on Wednesday announced that it has entered into an electrolyzer manufacturing binding agreement with France-based McPhy Energy for a long-term partnership to explore the opportunities unfolding in the emerging green hydrogen market.

Nazara Technologies advanced 1.40% after Absolute Sports, the parent company of Sportskeeda announced that it has signed definitive agreements, to acquire a 73.27% stake in Pro Football Network LLC (PFN), a premier source of coverage and analysis of the NFL (United States' most watched sport) and college football. Absolute Sports (Sportskeeda) is a subsidiary of Nazara Technologies.

H.G. Infra Engineering rallied 4.90% after the civil construction company announced that it has been declared as lowest bidder (L-1) by National Highways Authority of India (NHAI) for a road construction project in Jharkhand.

Glenmark Pharmaceuticals fell 0.13%. The drug maker said that it has received final approval from US Food & Drug Administration (USFDA) for Calcipotriene and Betamethasone Dipropionate Foam, 0.005%, 0.064%.

G R Infraprojects jumped 7.84%. The civil construction company emerged as lowest (L‐1) bidder for tender invited by National Highways Authority of India (NHAI) for a road project amounting to Rs 1,226.87 crore in Uttar Pradesh.

Meanwhile yesterday, G R Infra announced that Dibang Power consortium, a joint venture between the company and Patel Engineering, has emerged as lowest bidder (L-1) for construction of civil works project in Arunachal Pradesh. The bid project cost is Rs 3,637.12 crore and the share of GR Infraprojects in the contract is 50%.

Further, the EPC company also announced that it has emerged as L‐1 bidder for the tender invited by National Highways Authority of India (NHAI) for a road project amounting to Rs 872.17 crore in Maharashtra.

Global Markets:

Most European shares declined while Asian stocks traded mixed on Thursday, following Wall Street's reaction overnight after the U.S. Federal Reserve hiked rates by another 25 basis points.

US stocks end sharply lower on Wednesday after the U.S. Federal Reserve delivered a widely expected 25 basis point policy hike. U.S. Federal Reserve Chair Jerome Powell re-stated his commitment to curbing inflation, including the possibility of more interest rate rises.

The Federal Reserve hiked its benchmark interest rate by another 25 basis points, in line with Wall Street's predictions. The increase takes the benchmark federal funds rate to a target range between 4.75%-5%.

The Federal Open Market Committee said in a post-meeting statement that it “will closely monitor incoming information and assess the implications for monetary policy.” Fed projections call for just one more hike this year.

Treasury Secretary Janet Yellen said Wednesday that the FDIC was not considering providing “blanket insurance” for banking deposits. Yellen made the remarks at a hearing of a U.S. Senate appropriations subcommittee. Yellen said the administration was not considering expanding bank deposit guarantees beyond the current limit of $250,000, as per reports.

Sensex down 41 pts; PSU banks slide.

The key equity indices traded with small losses in mid-morning trade. The Nifty traded near the 17,150 mark. PSU bank shares snapped its two days gaining streak. Trading was volatile due to expiry of weekly index options on the NSE.

The barometer index, the S&P BSE Sensex Down, was down 41.25 points or 0.07% to 58,173.34. The Nifty 50 index lost 2.75 points or 0.02% to 17,149.95.

In the broader market, the S&P BSE Mid-Cap index fell 0.39% while the S&P BSE Small-Cap index gained 0.06%.

The market breadth was positive. On the BSE, 1,646 shares rose and 1,582 shares fell. A total of 165 shares were unchanged.

The US Fed hiked rates by 25 basis points, which is in line with the market expectations amid turmoil in the US banking sector.

Buzzing Index:

The Nifty PSU Bank index lost 0.67% to 3,683.40. The index advanced 2.5% in the past two trading sessions.

Bank of India (down 1.54%), UCO Bank (down 1.21%), Indian Bank (down 1.13%), Union Bank of India (down 0.91%), Indian Overseas Bank (down 0.86%), State Bank of India (down 0.83%), Bank of Baroda (down 0.81%), Bank of Maharashtra (down 0.6%), Punjab & Sind Bank (down 0.58%) and Punjab National Bank (down 0.52%) declined.

Stocks in Spotlight:

G R Infraprojects jumped 7.05% after Dibang Power consortium, a joint venture between the company and Patel Engineering, has emerged as lowest bidder (L-1) for construction of civil works project in Arunachal Pradesh.

Chalet Hotels rose 0.58% after the company executed share purchase agreement to acquire 82.28% stake in Dukes Retreat in Khandala for consideration of Rs 81.75 crore.

Kalpataru Power Transmission (KPTL) added 0.13%. The company along with its international subsidiaries has secured new orders aggreagating to Rs 2,477 crore. The civil construction company bagged orders worth Rs 1,181 crore in India and overseas markets in the transmission and distribution (T&D) business. It also received EPC projects in the water business for Rs 1,296 crore.

Global Markets:

Asian stocks were trading mixed on Thursday, following Wall Street's reaction overnight after the U.S. Federal Reserve hiked rates by another 25 basis points.

US stocks end sharply lower on Wednesday after the U.S. Federal Reserve delivered a widely expected 25 basis point policy hike. U.S. Federal Reserve Chair Jerome Powell re-stated his commitment to curbing inflation, including the possibility of more interest rate rises.

The Federal Reserve hiked its benchmark interest rate by another 25 basis points, in line with Wall Street's predictions. The increase takes the benchmark federal funds rate to a target range between 4.75%-5%.

The Federal Open Market Committee said in a post-meeting statement that it “will closely monitor incoming information and assess the implications for monetary policy.” Fed projections call for just one more hike this year.

Treasury Secretary Janet Yellen said Wednesday that the FDIC was not considering providing “blanket insurance” for banking deposits. Yellen made the remarks at a hearing of a U.S. Senate appropriations subcommittee. Yellen said the administration was not considering expanding bank deposit guarantees beyond the current limit of $250,000, as per reports.

Indices end with modest losses; Nifty holds 16,950; VIX spurts over 8%.

 

The key equity barometers ended a volatile session with moderate losses on Monday. The Nifty settled below the 17,000 level. FMCG and media shares advanced while metal, PSU bank and IT stocks saw a bit of selling pressure.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 360.95 points or 0.62% to 57,628.95. The Nifty 50 index lost 111.65 points or 0.65% to 16,988.40.

In the broader market, the S&P BSE Mid-Cap index slipped 1.12% while the S&P BSE Small-Cap index fell 0.99%.

The market breadth was weak. On the BSE, 1,155 shares rose and 2,467 shares fell. A total of 130 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 8.39% to 16.01.

Investors reacted negatively to news of a Credit Suisse bailout by its bigger rival UBS. Credit Suisse shares tumbled 60% while UBS was down 8%.

On Sunday, Switzerland's biggest bank, UBS, agreed to buy Credit Suisse in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month, media reports stated.

UBS is paying 3 billion Swiss francs ($3.25 billion) for Credit Suisse in an all-share deal, about 60% less than the amount the bank was worth when markets closed on Friday, the reports added. Credit Suisse investors will reportedly get one UBS share for every 22.48 Credit Suisse shares held.

Meanwhile, caution prevailed ahead of the US Federal Reserve's meeting outcome due later this week. Investor will keep an eye on the actions of the American Central Bank to see how it will proceed in its fight against inflation in light of the shakeup in the banking sector.

Stocks in Spotlight:

HDFC Bank fell 0.64% and HDFC declined 0.02%. HDFC Bank announced that the National Company Law Tribunal (NCLT) on Friday approved the proposed merger scheme of Housing Development Finance Corporation (HDFC) with the bank. HDFC had announced its merger with HDFC Bank on 4 April 2022. According to the merger scheme, HDFC Bank will become 100% owned by public shareholders and existing shareholders of HDFC will own 41% of HDFC Bank.

Tata Steel slipped 2.20%. The company announced that it has acquired 1,55,34,738 equity shares of its wholly owned subsidiary, Tata Steel Advanced Materials (TSAML) for an amount aggregating to approximately Rs 19.90 crore.

Bharat Petroleum Corporation (BPCL) jumped 2.32%. The company said that it allotted 93,561 non-convertible debentures (NCD's) aggregating to Rs 935.61 crore on a private placement basis.

Separately, BPCL announced the appointed Krishnakumar Gopalan as the chairman & managing director (C&MD) of the company with effect from 17 March 2023. The appointment is until Gopalan's superannuation or “until further orders”, the Ministry of Petroleum and Natural Gas said. Gopalan replaces Arun Kumar Singh, who retired as chairman in October 2022.

Glenmark Pharmaceuticals added 0.71%. The pharma company said that it has received final approval by the United States Food & Drug Administration (US FDA) for Prochlorperazine Maleate tablets, the generic version of Compazine tablets of GlaxoSmithKline. Prochlorperazine is used in the treatment of nausea, vomiting, and migraine caused by various conditions.

Rail Vikas Nigam (RVNL) gained 2.85% after TTIPL-RVNL consortium emerged as the lowest bidder (L1) for a National Highway Authority of India (NHAI) project. The cost of the project is Rs 1,271.99 crore in which Tracks & Towers Infratech (TTIPL) share stands at 51% while the remaining 49% remains with RVNL.

Meanwhile, the civil construction company on Friday announced that it emerged as the lowest bidder (L1) for composite contract package in connection with new BG Railway Line of Haryana Orbital Rail Corporation (HORC) project. The cost of the project is Rs 1,088.49 crore and it is expected to be executed within 1,460 days.

Navin Fluorine International added 0.41% after the firm announced that it's wholly owned subsidiary, Navin Fluorine Advanced Sciences, board approved a capital expenditure of Rs 450 crore for setting up a new 40,000 tonnes per annum hydrofluoric acid capacity at Dahej.

Cochin Shipyard advanced 3.21% after the firm bagged an international order from NAVSHUTTLE 1 AS and NAVSHUTTLE 2 AS, Lysaker Norway, for the construction of two zero emission feeder container vessels with an option for two more vessels. NAVSHUTTLE 1 and 2 AS are part of the Samskip Group, headquartered in the Netherlands. The total project cost is approximately Rs 550 crore and the first vessel is to be delivered in 28 months and the second to be within 34 months.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper advanced to 7.337 from 7.354 in previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.63, compared with its close of 82.5950 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement gained 0.20% to Rs 59,503.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.07% to 103.63.

The United States 10-year bond yield declined 0.39% to 3.384.

In the commodities market, Brent crude for May 2023 settlement slipped $2 or 2.74% to $70.97 a barrel.

Global Markets:

The Dow Jones futures were down 54 points, indicating a negative opening in the US stock market today.

Shares in Europe and Asia tumbled on Monday after UBS agreed to buy its banking rival Credit Suisse in a $3.2 billion takeover over the weekend.

The People's Bank of China left the loan prime rates for 1-year and 5-year unchanged, after cutting the reserve requirement ratio for almost all banks by 0.25 percentage points last week. The 1-year LPR stayed at 3.65% while the 5-year LPR remained at 4.3%, both unchanged since August last year.

UBS Group AG, Switzerland's largest banking group, has agreed to acquire the crisis-hit Credit Suisse Group AG in a $3.23-billion deal. Swiss regulators played a key role in facilitating the deal in an effort to quell a contagion threatening the banking sector. Under the deal, Credit Suisse shareholders will receive one UBS share for every 22.48 Credit Suisse shares. The combined bank will have $5 trillion of invested assets, according to UBS.

Wall Street closed lower on Friday as investors pulled back from positions in bank shares amid lingering concerns over the state of the U.S. banking sector.